IIA Provides Feedback on OCC’s Proposed Guidance

As part of The IIA’s commitment to being the global voice of the internal audit profession, we respond to select exposure drafts disseminated by regulatory and standard-setting bodies around the world. Taking a stance on matters affecting not only internal audit, but also cost-effective governance, risk management, and control in organizations, The IIA recently provided feedback on the Office of the Comptroller of the Currency’s (OCC’s) proposed Guidelines Establishing Heightened Expectations for Larger Banks.

The IIA supports the OCC’s efforts toward establishing standards for the design and implementation of an institution’s risk governance framework, as well as providing standards for oversight of that framework by the board of directors. The IIA’s response indicates areas of strong support, as well as some suggested points for further consideration.

The IIA submitted its observations in a comment letter to the OCC on March 28. For more information about the OCC’s proposed guidance, click here.